| Changes in Accumulated Other Comprehensive Income (Loss) |
(17) Changes in Accumulated Other Comprehensive Income (Loss) The following tables show the changes in accumulated other comprehensive income (loss), net of taxes, by component as of and for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Net
unrealized
investment
gains
(losses) | | Derivatives qualifying as hedges (1) | | Change in the
discount rate
used to
measure
future policy
benefits | | Change in
instrument-
specific
credit risk
of market
risk benefits | | Foreign
currency
translation
and other
adjustments | | Total | | Balances as of April 1, 2026 | $ | (2,526) | | | $ | 180 | | | $ | 1,112 | | | $ | (4) | | | $ | 14 | | | $ | (1,224) | | | OCI before reclassifications | 96 | | | 13 | | | (167) | | | 1 | | | 1 | | | (56) | | | Amounts reclassified from OCI | 4 | | | (31) | | | — | | | — | | | — | | | (27) | | | Current period OCI | 100 | | | (18) | | | (167) | | | 1 | | | 1 | | | (83) | | | Balances as of June 30, 2026 before noncontrolling interests | (2,426) | | | 162 | | | 945 | | | (3) | | | 15 | | | (1,307) | | | Less: change in OCI attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | Balances as of June 30, 2026 | $ | (2,426) | | | $ | 162 | | | $ | 945 | | | $ | (3) | | | $ | 15 | | | $ | (1,307) | |
______________ (1)See note 5 for additional information. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Net
unrealized
investment
gains
(losses) | | Derivatives qualifying as hedges (1) | | Change in the
discount rate
used to
measure
future policy
benefits | | Change in
instrument-
specific
credit risk
of market
risk benefits | | Foreign
currency
translation
and other
adjustments | | Total | | Balances as of April 1, 2025 | $ | (2,660) | | | $ | 535 | | | $ | 703 | | | $ | (6) | | | $ | 6 | | | $ | (1,422) | | | OCI before reclassifications | 120 | | | (124) | | | 66 | | | 1 | | | 12 | | | 75 | | | Amounts reclassified from OCI | 14 | | | (31) | | | — | | | — | | | — | | | (17) | | | Current period OCI | 134 | | | (155) | | | 66 | | | 1 | | | 12 | | | 58 | | | Balances as of June 30, 2025 before noncontrolling interests | (2,526) | | | 380 | | | 769 | | | (5) | | | 18 | | | (1,364) | | | Less: change in OCI attributable to noncontrolling interests | 10 | | | — | | | — | | | — | | | (1) | | | 9 | | | Balances as of June 30, 2025 | $ | (2,536) | | | $ | 380 | | | $ | 769 | | | $ | (5) | | | $ | 19 | | | $ | (1,373) | |
______________ (1)See note 5 for additional information. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Net
unrealized
investment
gains (losses) | | Derivatives qualifying as hedges (1) | | Change in the
discount rate
used to
measure
future policy
benefits | | Change in
instrument-
specific
credit risk
of market
risk benefits | | Foreign
currency
translation
and other
adjustments | | Total | | Balances as of January 1, 2026 | $ | (1,987) | | | $ | 187 | | | $ | 463 | | | $ | (4) | | | $ | 17 | | | $ | (1,324) | | | OCI before reclassifications | (470) | | | 36 | | | 482 | | | 1 | | | (2) | | | 47 | | | Amounts reclassified from OCI | 21 | | | (61) | | | — | | | — | | | — | | | (40) | | | Current period OCI | (449) | | | (25) | | | 482 | | | 1 | | | (2) | | | 7 | | | Balances as of June 30, 2026 before noncontrolling interests | (2,436) | | | 162 | | | 945 | | | (3) | | | 15 | | | (1,317) | | | Less: change in OCI attributable to noncontrolling interests | (10) | | | — | | | — | | | — | | | — | | | (10) | | | Balances as of June 30, 2026 | $ | (2,426) | | | $ | 162 | | | $ | 945 | | | $ | (3) | | | $ | 15 | | | $ | (1,307) | |
______________ (1)See note 5 for additional information. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in millions) | Net
unrealized
investment
gains (losses) | | Derivatives qualifying as hedges (1) | | Change in the
discount rate
used to
measure
future policy
benefits | | Change in
instrument-
specific
credit risk
of market
risk benefits | | Foreign
currency
translation
and other
adjustments | | Total | | Balances as of January 1, 2025 | $ | (3,156) | | | $ | 492 | | | $ | 1,022 | | | $ | (5) | | | $ | 4 | | | $ | (1,643) | | | OCI before reclassifications | 623 | | | (50) | | | (253) | | | — | | | 14 | | | 334 | | | Amounts reclassified from OCI | 17 | | | (62) | | | — | | | — | | | — | | | (45) | | | Current period OCI | 640 | | | (112) | | | (253) | | | — | | | 14 | | | 289 | | | Balances as of June 30, 2025 before noncontrolling interests | (2,516) | | | 380 | | | 769 | | | (5) | | | 18 | | | (1,354) | | | Less: change in OCI attributable to noncontrolling interests | 20 | | | — | | | — | | | — | | | (1) | | | 19 | | | Balances as of June 30, 2025 | $ | (2,536) | | | $ | 380 | | | $ | 769 | | | $ | (5) | | | $ | 19 | | | $ | (1,373) | |
______________ (1)See note 5 for additional information. As of June 30, 2026 and 2025, the balances of the change in the discount rate used to measure future policy benefits were net of taxes of $(256) million and $(209) million, respectively, and the balances of the change in instrument-specific credit risk of MRBs were net of taxes of $1 million in each period. The foreign currency translation and other adjustments balance in the charts above included $33 million and $34 million, respectively, net of taxes of $(8) million and $(9) million, respectively, related to a net unrecognized postretirement benefit obligation as of June 30, 2026 and 2025. The balance also included taxes of $(1) million and $(2) million related to foreign currency translation adjustments as of June 30, 2026 and 2025, respectively. The following table shows reclassifications from accumulated other comprehensive income (loss), net of taxes, for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | Affected line item in the condensed consolidated statements of operations | | (Amounts in millions) | 2026 | | 2025 | | 2026 | | 2025 | | | | Net unrealized investment (gains) losses: | | | | | | | | | | | | | Unrealized (gains) losses on investments | $ | 5 | | | $ | 18 | | | $ | 26 | | | $ | 22 | | | | | Net investment (gains) losses | | Income taxes | (1) | | | (4) | | | (5) | | | (5) | | | | | Provision (benefit) for income taxes | | Total | $ | 4 | | | $ | 14 | | | $ | 21 | | | $ | 17 | | | | | | | Derivatives qualifying as hedges: | | | | | | | | | | | | | Interest rate swaps hedging assets | $ | (42) | | | $ | (47) | | | $ | (86) | | | $ | (95) | | | | | Net investment income | | Interest rate swaps hedging assets | (5) | | | (1) | | | (8) | | | (2) | | | | | Net investment (gains) losses | | Interest rate swaps hedging liabilities | — | | | 1 | | | 1 | | | 1 | | | | | Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | Forward bond purchase commitments | (1) | | | — | | | (1) | | | — | | | | | Net investment (gains) losses | | Income taxes | 17 | | | 16 | | | 33 | | | 34 | | | | | Provision (benefit) for income taxes | | Total | $ | (31) | | | $ | (31) | | | $ | (61) | | | $ | (62) | | | | | |
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